New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-03-09
SOMEBODY MANIPULATING WHEAT.
THERE'S A BIG DEAL GOING ON In CHICAGO

BULL cIIoUEs UNLOADING ON EACH OTHER AND
MAKING THE BEARS sQUEAL
CHICAGO, March 8 (Spooiap -Roseufeld & Co. arc
supposed to have bought several million bushels Of
wheat for the Hebrew clique at New York to-day at
about tho top. Tho Armour clique Is believed to have
sold May and to have bought june The manipulation
did not become clear until this afternoon aad then
with Kershaw Co. (Armour) selling vast quantity
OF May it looked II tho different bull cliques
unloading on each other just this conclusion was
lesped at May wheat cropped 2 cents bushel. The
May corn $40 70 for May pork, $s go for May ribs,
today from the wheat BEARS Jones. Mccormick &
Kennett, the Inns Staufer and come other brokers
sS Co. so1 Ksr'h1w Ws. Co., FIELD Lind and
Maurice Rosenicld & Co. that they would not
sell May wheat to them. alleging that they had dis;
that ws thew Wiling to
with other people they wouldn't trade with houses
which were credited with being representatives OF the
clique. The move OF course simply rather Wild
bear dodge. 1t reputable broker offers LOT Of May
wheat and another reputable broker takes 1t, that
makes the trade. There isn't any possible way that
on the market The notice was. however 3. sensa-
tional that wheat which had been dull at S3ss cents
went ny at once above SO oents omit
Nat Jones said Wheat is undoubtedly cornered.
There isn't any doubt about it. They oau't fool me-
1t is cornerod. too, by somebody with plenty OF
money"
The most sensational feature about II was that the
juno option. which week ago Was at 1os cents pre-
miom over May was this morning cent under May.
Thls Is indicative OF q squeeze. go
Howard Jackson said The biggest buyer In this
market tor weeks has been Armour. he has bought
steadily and WI hout regard to price"
w. i. Baker Is o bull on wheat Mr. bayer, OF Q.
w. Brega Il Co.. said: sTbo wheat Is manipulated.
There Is doubt about It. The Liverpool, California
and New-York markets are manipulated as well as
this. There is to he a squeeze. There Is no doubt
about It," George baldwin thought wheat would sell
higher. Arthur Orr didn't believe that Armour had
q bushel OF wheat and was consequently bear on
the market.
The advance of May from 1884 cents to 80 cents
was almost instantaneous. The opinions ss to the
operators in the pit After the to, was touched and
before 1t there heavy selling by some OF the
powers Identified with the bull side notably Field.
Lindley Co. Harry Mathews, prominent scaper.
sold largely for June. From 643, cents May wheat
dropped very fast cent. Then it rallied tack
TO Sc cents, TIE shorts had been driven IN so well
that from scramble TO save loss 1t became scramble
among the little bulls to save profits; June IN tue
decline kept a cent under May, and the pit has evl-
IDENTIFY. oil within forty eight hours settled down to
the COW lotion that May wheat better article to
hold than June. This has but one explanaton-the
expectation OF squeeze in that option The inter
esting problem for speGulator to decide non Is,
" Who is under wheat3" The Truth probably Will he
found he that there number OF cques under IT,
There is Cincinnati San francisco. New-i ork
and Armour party under different sections OF II.
II Is so many years now since anybody other than
Armour succeeded in bulling wheat that there Is u
conviction that nobody outside OF Armour can do 1t.
hut that IA not So Cincinnati crowd once success
fully cOfuetod whta and got rid OF It's bold ngs IN
good style. That deal was started from ~ 10 ana
taken up 10 ~ 80. There wasn't much wheat here.
but there was probably much wheat in the country
thcn a. now. The strength OF wheat now lies IN the
enormous export demand, which last week took out
over 5000 900 busbrl, including flour. Peope laugh
the c i'm made yesterday that there was an Armour
interest In the market. Tut who. then, Il hershnw
buying several millions Of bushels oi wheat Tor every
do 10 the wcrkl l. kcrshaw a millionaire himself
HASN'T be lad experience enough OF the bitter sort to
make sure that customer has plenty OF money before
he unGerfakes 20 buy Tor him from 2OOO.OD0 to
4. 900 900 bushels day for his acc2untl Now let
somebody answer these questions md tsc up and tell
what customer Mr.. KershaN buys Tor on the scale.
Pork was traded IN sparingy at $50 40. Iheie
really was very little spcoula On in provisions Of any
sort but such IA il was was in lard That advanced
almost to ) cents Tor May.